Union Budget 2023: What is it, how is it prepared?
The Budget Session will commence on January 31 and is likely to conclude on 6 April, with a recess scheduled from February 14 till March 12. Until 2016, the Budget was presented on the last day of February. But since then, it has been presented on February 1.
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FollowUnion Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2023 in Parliament on February 1. It is also called as a comprehensive annual financial statement of the central government that comprises details of their capital, revenue, and expenditures.
It can be seen that this will be the last full Budget of the Modi 2.0 government before the 2024 Lok Sabha elections. The Union Budget 2023 will be presented in the Lok Sabha at 11:00 am on 1 February.
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The Budget Session will commence on January 31 and is likely to conclude on 6 April, with a recess scheduled from February 14 till March 12. Until 2016, the Budget was presented on the last day of February. But since then, it has been presented on February 1.
According to Article 112 of the Indian Constitution, the Union Budget is a statement of the estimated receipts and expenditure of the Government of India.
It is also a detailed, comprehensive statement on how much money the government plans to spend on various sectors such as healthcare, infrastructure, agriculture, education and job creation, among others, and how much money it aims to make through direct taxes, such as income tax, and indirect taxes, such as VAT (Value Added Tax) and GST (Goods and Services Tax).Â
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When does the finance ministry start preparing the Budget?
On October 10, 2022, the finance ministry started the exercise of preparing the Union Budget 2023. For this, the ministry consults with the NITI Aayog, the Central government's public policy think tank and the nodal agency tasked with catalysing economic development.
How is the Budget prepared?
It is reportedly said that the finance ministry issues a circular to all other ministries, states, and Union Territories, asking them to lay out their revenues and expenditures in the past financial year and a blueprint of estimates for the coming year.Â
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The revenue secretary will then scrutinise the proposals after examining all aspects. Once the data is approved, it is sent to the finance ministry. The ministry will then check the overall estimate of revenue and expenditure to determine the overall budget deficit
After all consultation, the finance ministry allocates funds to other ministries for future expenditures. In case of any disagreement over revenue allocations, the finance ministry consults with the prime minister or the Union Cabinet.
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